Fiji’s Provident Fund Introduces Game-Changing Savings Transfer Option

The Fiji National Provident Fund (FNPF) has introduced a new initiative called ‘Transfer of Savings on Entitlement,’ which became effective on January 1, 2025. This program is designed for members who are approaching entitlement events, such as retirement, and offers an alternative to the traditional contribution-based system. It allows members to transfer a portion of their savings to a family member’s FNPF account.

This innovative offering aims to improve members’ financial flexibility by enabling the transfer of a part of their entitlement payouts or benefits to other FNPF members, including designated beneficiaries. According to FNPF chief executive Viliame Vodonaivalu, the product is made possible due to recent amendments to the FNPF Act 2011, which permits members to delegate all or part of their entitlement payouts under certain conditions.

Vodonaivalu highlighted the significance of this transfer option, stating that it enhances the flexibility and control members have over their retirement savings. Recognizing that each member’s financial situation is distinct, this new product provides a mechanism for individuals to support their loved ones or diversify their savings strategy when it is most needed. Moreover, it aims to create a more inclusive and supportive environment for members, particularly during moments of entitlement or in challenging circumstances, such as medical incapacitation or death.

This initiative is also in line with FNPF’s broader mission to adapt to the evolving needs of its members by offering tailored financial products that cater to various life situations. The Fund is committed to continuously finding innovative ways to enhance its members’ financial well-being, and this new offering is a promising addition to their range of services.

As FNPF takes these steps, it is hopeful that the transfer option will not only provide financial support to individuals but also foster a sense of community among its members, highlighting the organization’s dedication to its members’ welfare and financial empowerment.